How are ASX IPOs performing in 2023 and two battery metal players to watch

Wed 03 May 23, 12:55pm (AEST)
Sunrise at natures window Western Australia
Source: iStock

Key Points

  • There have been 10 IPOs so far in 2023, nine of which have come from the Resources sector
  • First day returns for IPOs have hit negative in 2023 but battery metal names like Evergreen Lithium have performed well
  • Nickel hopeful Innogy and rare earths explorer DY6 Metals kick off IPOs, seeking to raise funds to progress key exploration activities

Investing in early-stage listed companies – or better yet, those eyeing an ASX listing – only to see earnings (and share prices) skyrocket within a few short years is the dream of many Aussie investors.

What is pre-IPO investing?

The pre-IPO market exists to provide capital to unlisted companies. Typically referring to companies in their final round of private fundraising before ringing the bell at their local stock market, this round usually occurs between six and 18 months ahead of the IPO itself.

It’s also worth mentioning the distinction between this Alternative asset class and another that’s been top of mind more recently – private equity. PE usually requires more control of the underlying asset and involves applying at least some financial leverage.

The current state of play

In the current market environment, global IPO activity is effectively closed. The volume of IPOs fell 8% in the first quarter of this year, with proceeds down by 61% year-on-year, according to EY figures.

The Asia-Pacific IPO market accounted for 59% of all global IPO deals, but still saw its activity dip by 6% in number and 70% in the proceeds raised in year-on-year terms.

Splitting activity across sectors, on a global basis, Technology saw the greatest volume of IPOs (62), followed by Industrials and Consumer (tied on 54), and Materials (49).

Commodities are expected to be among the biggest growth areas for IPOs locally, particularly in metals and mining, mainly driven by the push toward decarbonisation and electrification.

In 2023 so far, just one of the 10 companies newly listed on the ASX, Acusensus (ASX: ACE) sits outside the resources.

This squares with what we saw last year, when 76 of the 89 new ASX listings were energy and materials companies.

IPOs so far in 2023



Issue price



Day 1 return

Listing date


Everygreen Lithium







Patagonia Lithium







Leeuwin Metals







SQX Resources







High-Tech Metals







ACDC Metals







Dynamic Metals







Gold Hydrogen














VHM Limited






First day returns for IPOs have steadily declined over the years from an average gain of 32.0% in 2020, 19.3% in 2021, 16.3% in 2022 to -0.05% in 2023.

Still, several battery metal related arrivals have performed well including Evergreen Lithium (+20%) and Patagonia Lithium as well as some high-profile names from late 2022 including Patriot Lithium (+80%). Which further emphasises the importance of an increasingly selective approach when weighing IPOs.

Two battery metal explorers raising funds

Nickel hopeful Innogy (ASX: IOG) and heavy rare earths explorer DY6 Metals (ASX: DY6) have opened their IPOs to raise funds to progress exploration activities.

Innogy has established itself as Tanzania's largest nickel tenement holder, with an exploration package covering 5,300 km2and neighbours BHP's world class Kabanga nickel deposit. The company is seeking to raise up to $8 million at 20 cents per share to fund exploration activities at four project areas, prospective for nickel as well as lithium, cobalt and gold.

Likewise, DY6 Metals is seeking to raise up to $7 million to progress three prospective heavy rare earths projects in Southern Malawi, a region proven to contain economic REE deposits. The company's Machinga Project is located ~40 km from Lindian's (ASX: LIN) globally significant Kangankunde Rare Earths Project. While the Salambidwee and Ngala projects represent relatively early stage and underexplored prospects, with the potential to define new areas of mineralisation.

How to participate in the IPOs

Rare earths explorer DY6 Metals (ASX: DY6)

Nickel explorer Innogy Limited (ASX: IOG)

DISCLAIMER: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. DY6 Metals and Innogy was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Glenn Freeman

Content Editor

Glenn is a Content Editor at Livewire Markets and Market Index. Glenn has almost 20 years’ experience in financial services writing and editing. Glenn’s journalistic experience also spans energy and automotive, in both Australia and abroad – including the Middle East – where he edited an oil and gas publication in the United Arab Emirates.

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